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37

U.S. Chevron Renewed Production At Escravos Pipeline

"The pipeline is back into service and production is restored"

U.S. oil major Chevron said on Tuesday production has been restored at its 120,000-barrel per day Escravos crude oil pipeline in Nigeria, nearly a month after armed youths sabotaged it.

"The pipeline is back into service and production is restored," said Chevron spokeswoman Margaret Cooper.

Gunmen in June sabotaged Chevron's Abiteye-Olero crude oil pipeline in the country's restive Niger Delta, slashing output in the world's eighth largest exporter.

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[CVX 92.80 0.55 (+0.6%)] was forced to declare a force majeure on Escravos shipments following the attack, which released the company from its contractual obligations.

A wave of attacks in the West African country has cut production by a fifth since early 2006, helping push world oil prices to record highs.

Violence in the Niger Delta stems from a complex set of factors including poverty, lack of basic services, corruption among government officials and security forces, resentment toward foreign oil companies, and political thuggery.